Isle of Man Bank charity charges deferred for a year

MHK welcomes 'reprieve' for third sector

Isle of Man Bank is deferring its charity banking charges for a year.

They were due to come into force in two week's time and would have seen extra costs for the third sector for basic banking procedures.

Rushen MHK, and Speaker of the House of Keys, Juan Watterson previously criticised the move as 'soulless'.

He says today's announcement is a step in the right direction but the plans to introduce the charges next year instead are 'disappointing':

Isle of Man Bank confirmed to Manx Radio the changes are set to come into force in May 2022.